Simandou is one of the world's biggest iron deposits, containing billions of tonnes of high-grade ore, but development has been complicated by its location far from the coast.
Chinalco Mining News
Guinea is in constant talks with Rio Tinto and Chinalco to finalise a deal on the Simandou iron ore project, its mining minister said on Tuesday, adding he was confident an agreement would be reached. […]
The investment will increase the mine's copper output by 45 percent by 2020, with the value of production exceeding $2 billion annually.
China is Peru's top trade partner and imports most of the minerals the South American country produces.
The lines will start their production at the beginning of 2019.
Move comes barely seven months after Rio Tinto agreed to sell it its stake in Simandou for up to $1.3 billion.
Sam Walsh's bonuses, potentially worth millions, had been delayed for at least two years as investigations continue into dubious payments related to Simandou iron ore project in Africa.
The amicable divorce ends a six-year-old exploration joint venture originally set to find copper deposits in China.
A Chinese court has sent a strong message to corporate executives who have been seeing playing fast and loose within the rules of boon-times capitalism in China.
Russian-Canadian Vera Kirikova will become human resources group executive while Simone Niven will assume the corporate relations group executive post.
Preliminary deal is part of a series of agreements signed this week that will see China pouring close to $5.3 billion into Peru’s mining and energy sector.
Energy and Minerals chief executive Alan Davies said he would take the mining giant to court over his dismissal, adding there were “no grounds” for his termination.
Company is said to have found out about the emails referring to a questionable $10.5m payment to a consultant over the Guinea project more than a year ago, not 'just' in August, as it claimed.
Speculation is running and some of what is being said strikes at the heart of the culture and values of the company, chief executive officer Jean-Sébastien Jacques said in an internal memo.
The move aims to expedite the processing and sanction of pollution cases.
Currently China is the second largest producer of the red metal, with an annual output of about 1.6 million tonnes per year.
The ruling was sparked by inspections carried out from March 16 to March 20 that detected contaminants in adjacent lakes.
Las Bambas copper mine, located in Peru, is expected to fetch between $5 and $6 billion.
Peruvian copper mine Las Bambas expected to fetch $5-6 billion.
Despite the gloomy results, the commodities giant revenues for the year jumped 9% to $232.6 billion
Analysts question the remaining bidder's ability to finance the project.